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Designer Brands Slashes FY23 Outlook As Q1 Results Miss Estimates
(RTTNews) - Fashion retailer Designer Brands Inc. (DBI) reported on Thursday that net income attributable to the company for the first quarter more than halved to $11.42 million or $0.17 per share from $26.18 million or $0.34 per share in the prior-year quarter.
Excluding items, adjusted earnings for the quarter were $0.21 per share, compared to $0.48 per share in the year-ago quarter.
Net sales for the quarter declined 10.7 percent to $742.08 million from $830.54 million in the same quarter last year. Comparable sales decreased 10.4 percent.
On average, analysts polled by Thomson Reuters expected the company to report earnings of $0.23 per share on net sales of $754.28 million for the quarter. Analysts' estimates typically exclude special items.
Looking ahead to fiscal 2023, the company now projects earnings in a range of $1.20 to $1.50 per share on net sales decline in the mid- to high-single digits.
Previously, the company expected earnings in a range of $1.65 to $1.75 per share on net sales decline in the mid-single digits.
The Street is looking for earnings of $1.56 per share on net sales of $3.20 billion for the year.
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